Bitcoin is officially 12 years old today. So it’s time to remember some interesting events that have happened in the Bitcoin world. We’re excited to look back at how it all started. And since we don’t know a more badass origin story, here it goes:
In a land of myth and a time of magic, a bunch of people thought “hmm how do I subscribe to Pornhub without it showing on my bank statement🤔.” Also, “I need to store my money in a form the government can’t control, just like in spy movies, but how?”
Suddenly, out of the fog emerged a cloaked figure known only as Satoshi Nakamoto. Okay fine, no cloaked figure, this isn’t Naruto but you get the idea 😅. What came next changed the world in ways we’re only beginning to understand.
1. In the Beginning…
Satoshi Nakamoto published the Bitcoin white paper on 31 October 2008. It was a manual to show how Bitcoin would work. But the real party started on January 3rd, 2009, when the first block on the Bitcoin blockchain (known as the genesis block) was created. Since then, it’s been a crazy ride, from the sensations to the scandals.
2. A Tale of Two Pizzas
In May 2010, programmer Laszlo Hanyecz bought two pizzas for 10,000 Bitcoins.
To be clear, 10,000BTC is worth about $120,000,000 (₦45.6 billion) today. It won’t be well with that Pizza 😩. Okay so maybe this hasn’t necessarily shaped Bitcoin’s growth. But we know it makes for one hell of a crypto conversation starter.
3. One Day, One Dollar
On February 9, 2011, the price of Bitcoin caught up with that of the US Dollar. This marked a turning point in how people viewed and interacted with Bitcoin. Finally, the world could put some respect on its name. To many people, it seemed like Bitcoin might actually have something to offer. Little did they know that it was just getting started.
4. About TIME!
In April 2011, TIME Magazine published an article about Bitcoin. This sent its value to $31.91 with a market capitalisation of about $206 million on June 8, 2011. By now, people had started waking up. How could something nobody could see or touch suddenly become more valuable than the dollar? Surely it had to be sorcery🧙🏾♀️.
5. End of the Road
In 2013, the FBI shut down Silk Road, one of the largest dark web black markets where Bitcoin became popular. Many people left the Bitcoin market because of this. Later, its founder, Ross Ulbricht, was sentenced to life in prison.
6. A New ICOnomy
In 2013, the price of Bitcoin rose quickly from less than $20 in early February to more than $200 in April. In July, the world saw the first Initial Coin Offering (ICO) as Mastercoin offered its coins. By 2017, ICOs had become the new tradition for new coins. The hype was out of this world!
7. A Fork in the Road
In 2014, Bitcoin developer Mike Hearn created Bitcoin XT, the first Bitcoin fork. A fork is a copy of the Bitcoin code that can be adjusted and launched as a separate coin. XT was successful at first but didn’t work out eventually. Several forks like Bitcoin Classic followed shortly after. Bitcoin Cash was forked in 2017 and has been the most successful fork till date.
8. Animal Farm
From 2017, we started hearing about the Bulls, Bears, and Whales endlessly. Bitcoin hit $20,000 in December and the crypto world basically stopped. It was hard to believe that this small asset of 2008 that people associated with crime could reach this point. Everyone wanted a slice. That was the beginning of Bitcoin’s journey into mainstream popularity.
Today, Bitcoin has approximately 45 million users. According to several reports there were about 6 million users in 2017. Today, on it’s 12th anniversary, the price sits at $14,000. Bitcoin continues to blow our minds and we can’t wait to see what comes next 💜.
Are you fresh off the school bus and ready to get started with Bitcoin? Check out our simple guide on how to buy Bitcoin in Nigeria